News about Joe Staton

According to the UK buying managers' index (PMI), Britain's private sector was just about back in expansion mode after three months of decline, and ahead of the eurozone, which continues to fail. The closely watched survey found that businesses were buoyed by rises in interest rate rises and falling inflation. Separate reports pointed to a dramatic rise in customer confidence, which may have cheered retailers ahead of Christmas.

The long-running Consumer Confidence Barometer, which monitors how Britons think about their own finances and the wider economy, had a reading of -30 for October, down from a nine-point drop on September. In March 2020, the UK government ordered non-essential stores to temporarily close down due to the largest drop since the outbreak of the coronavirus pandemic.

According to research, UK consumer confidence has hit its highest level since the start of 2022, thanks to lower inflation and wage increases. The GfK consumer sentiment indicator increased to -21 in September for the second month in a row and at its highest level since January last year, from -25 in August.

According to the most recent estimates by the Office of National Statistics, the number of articles purchased in UK stores increased by 0.7 percent between May and June, much more than forecasts for a 0.2 percent rise. After a decrease of 0.4 percent in May, sales at supermarkets and other food stores bounced back strongly, up by 0.7 percent, with some stores claiming that the good weather and promotions helped boost sales.

During a turbulent session, the pound fell to $1.2688 against the dollar before partially recovering to around $1.27. Retail sales figures offered a promising start in May, with a surprise 0.3 percent rise in May as a result of warm weather and the Coronation Bank Holiday. However, a closely monitored monthly business survey revealed that sales fell this month, which was described as a 'loss of momentum for consumer spending'.

According to a S&P Global study, British companies are growing at their fastest rate in a year. The analytics company's index of operations in the private sector, which shows rises above 50 percent in April, from 52.2 in March. It was the most robust reading since April last year. Despite runaway inflation and rising interest rates, market research company GfK also reported that household confidence is at its highest level since February last year.

In January, GfK's monthly Consumer Confidence Index, a long-running survey of how Britons think about their personal finances and the overall economy, dropped to -45, a three-point decline from the previous month. This was only four points above the record low of -49 registered in September, just four points behind the same month last year, but 19 points behind the same month last year.

Last month, British retailers saw a marginal improvement in sales, but it wasn't enough to beat a September slump. According to the Office of National Statistics, retail sales volumes increased by 0.6 percent in October. This was down 1.5% in the previous month, which was exacerbated by the extra bank holiday for the Queen's funeral. Despite the modest increase last month, ONS estimates showed that sales volumes dropped in the three months to October relative to the previous three months. This represents the biggest drop since Covid restrictions were in place in March 2021, and it continues to fall trend seen since last year. Despite a small rise in November, separate surveys published today showed a measure of customer satisfaction remained at a near-historic low. During this protracted and costly cost-of-living crisis, many Britons were'struggling to control the purse strings,' according to experts.

The long-running consumer confidence survey by GfK increased to minus 44 from minus 47 in October and minus 49 in September. It was a good show but it was still gloomy compared to minus 14 a year ago. Analysts said that although the rise from September's lows was welcome, there was little to celebrate.

As British households face a winter of sky-high energy bills and potential blackouts, the Chancellor turned into civil servants for 'trying to shackle' long-term measures to raise the energy supply. Nadhim Zahawi, a Tory MP, advised departments that they should take risks and acknowledge that some initiatives may fail. He also warned that if urgent action is taken, the party may come back to look like former Liberal Democrats leader Nick Clegg, who opposed new nuclear schemes in 2010 because they will not be available online 'until 2022.' According to a source on the call, he launched 'an el's 'inspiration against Treasury orthodoxy on caution and bean counting.'